Safe Deposit Drilling

Looking For Advice
1

Has anyone had any experience doing BoA or any other bank Safe deposit box drilling

1 Like
2

Depending on your state laws:

You don’t do the drilling - IME the bank hires a professional locksmith to come in and “drill” the box to get it open - in your presence and in the presence of the bank officer.

Now, here in Florida, we are authorized to do safe deposit box inventories and sign off on it; is this an authorized notarial act in your state? (You don’t say where you’re from). Your notary laws may not authorize you to take the inventory, but they MAY authorize you to notarize the signature of the bank officer that does. If you are authorized to do this, you watch them open it, inventory each item (listing on a form usually provided by the bank) and either you sign the inventory or the officer does and you notarize their signature. Then, here in FL, the contents are put in a bag and sealed with the list on the inside and outside - and kept by the bank.

These jobs can be quick (if the box is empty) - however if the box has items in it, it can be more time-consuming depending on how full it is - each item must be individually listed. So if you’re able to do these under your laws make sure you keep your fee open-ended - $xx amount if empty, possibly more if time required to itemize inventory.

Good luck

2 Likes
3

Here in Mass, A Notary is required for safe deposit drills. I recommend reserving your time in 4, 6,8 hour blocks starting at $45 an hour. If travel is required. Bill for that allso.

4

Really - $45/hr? I have an opportunity to do this but had no idea that’s the going rate.

5

Non Bank Employee notary required here too - I charged $35-$50 to do these as 99% of the time the box is empty so just had to sign my cert (provided by our state ) and I was out - 15-20 minutes tops start to finish. However, this was direct contact from the bank so my quoted fee always had the caveat that it would be $35 (or $50) providing the box was empty - if I had to do an itemized inventory then the fee would be higher. Keeping in mind that $35-$50 also included travel time and mileage to the bank and back

1 Like
6

Thanks for posting Linda. The rates are exceed $60 now in 2021. My base rate is $75 for 1 box within 15 minutes of travel. $100 for 30 minutes. Follow my facebook and instagram page @thenotaryshow for daily tips. ~Adam

1 Like
7

Thanks for posting. The rates exceed $60 now in 2021. My base rate is $75 for 1 box within 15 minutes of travel. $100 for 30 minutes. Follow my facebook and instagram page @thenotaryshow for daily tips. ~Adam

8

A locksmith can drill the safe deposit lock and rekey it but it’s better to replace the whole lock instead of drilling or damaging it.

1 Like